Open Banking, Partnership Announcements
Finicity Reaches Agreement with Advanced Data to Resell Verification Reports
Partnership broadens availability of digital verification for improved mortgage lending experience and profitability
SALT LAKE CITY, Utah and MILFORD, Pennsylvania – March 1, 2018 – Finicity and Advanced Data today announced a partnership that includes Finicity verification reports as part of Advanced Data’s suite of fraud prevention and enhanced verification tools for mortgage lending.
The mortgage industry is rapidly moving to a more digital experience for borrowers and lenders alike. Finicity is a leader in this transformation, starting with its digital verification of assets (VoA) report. This report can be ordered through Advanced Data and is interfaced with multiple loan origination system (LOS) providers such as Ellie Mae, Black Knight, Byte Software, Calyx Software and more, in addition to Advanced Data’s own lender-facing SaaS platform.
“In today’s digital world, borrowers and lenders have high expectations for a streamlined process that improves both the experience and the bottom line,” said Steve Smith, CEO and co-founder of Finicity. “We’re excited to align with a like-minded organization in Advanced Data to bring to market the most advanced verification solutions that will accelerate next-gen mortgage lending.”
Finicity is one of the largest financial data aggregators and uses consumer-permissioned financial data for its credit decisioning solutions. A digital verification process allows lenders to free up financial and personnel resources while improving accuracy and reducing fraud. Additionally, it provides borrowers a paper-free, hassle-free experience that utilizes transaction data direct from financial institutions.
Through Advanced Data, which has provided compliance, fraud prevention and enhanced verification services to the mortgage industry for more than a decade, lenders will be able to request an asset verification report in a single click. Once requested, a borrower will be prompted to complete a simple online process that identifies the financial information they want included and permissions the creation of the report. Lenders can review reports with bank-validated data in near real-time, shortening the verification process to minutes — instead of days.
“Providing Finicity asset verification reports to our customers reflects our reputation for delivering innovative, high-quality products to the mortgage industry,” said Allen Johnson, CEO of Advanced Data Corporation. “Finicity helps us deliver on our ongoing commitment to provide our clients with competitive advantages and great customer service.”
Advanced Data, with its tax transcript validation report, and Finicity, with its asset verification report, are authorized, integrated report providers within Fannie Mae’s Desktop Underwriter® (DU®). This gives lenders validated reports through Fannie Mae’s Day 1 Certainty™ initiative.
Finicity is also part of the Single Source Validation (SSV) pilot, meaning Fannie Mae will utilize transaction data from Finicity reports to validate assets, income and employment. A broader rollout of SSV is planned later this year and will build on Fannie Mae’s Day 1 Certainty initiative.
To stay up to date on all Finicity company and product announcements, visit the website at www.finicity.com.
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Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning. It is also leading the development and promotion of industry standards. The company has developed more than 16,000 bank integrations, with the vast majority through connections that provide access to formatted bank data, improving information access and accuracy. Finicity is the winner of API World’s 2016 Finance API of the Year.
About Advanced Data:
Advanced Data is recognized as the standard for enterprise-wide mortgage data integrity, specializing in fraud prevention and enhanced verifications. Its proprietary technology is integrated with loan origination systems, and the firm offers a SaaS platform for clients that prefer a custom solution. Its services include eTax Verification Form 4506-Ts, proprietary eVoE™ technology, streamlined verifications and reverifications of employment, fraud reports, social security number verifications, AVM plus property inspection, and flood zone determinations. Advanced Data’s proprietary Fraud Report identifies each loan’s fraud risk before and after funding. The firm prides itself on delivering superb customer service, hiring experienced employees, and developing customized, sophisticated technology. It’s one of the only firms in its sector to employ an in-house development group, which ensures its technology provides a competitive advantage to clients and can be customized to their needs. Advanced Data was named to Housing Wire’s prestigious 2017 Tech 100. For more information, visit advanceddata.com.